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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Significant Components of Company's Income Tax Provision from Continuing Operations

The components of the Company’s income tax provision from continuing operations are as follows (in millions):

			2024						2023						2022
Tax expense at Ireland statutory rate of 12.5%			$	190					$	139					$	139
U.S. state income tax, net of federal benefit			42						30						(26)
Income subject to the U.S. federal tax rate			63						42						(101)
Income subject to rates different than the statutory rate			(204)						44						67
Reserve and valuation allowance adjustments			(139)						(559)						(301)
Intellectual property transactions and adjustments			—						(176)						—
Impact of acquisitions and divestitures			121						—						—
Restructuring and impairment costs			38						12						40
Income tax provision (benefit)			$	111					$	(468)					$	(182)
Effective tax rate			7		%				(42)		%				(16)		%

Summary of Changes in Valuation Allowance

The following table summarizes changes in the valuation allowance (in millions):

			2024						2023						2022
Balance at beginning of period			$	6,279					$	5,906					$	5,812
Allowance provision for new operating and other loss carryforwards			215						544						306
Allowance reductions			(236)						(171)						(212)
Balance at end of period			$	6,258					$	6,279					$	5,906

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

			2024						2023						2022
Beginning balance, October 1			$	2,158					$	2,485					$	2,678
Additions for tax positions related to the current year			39						59						164
Additions for tax positions of prior years			53						89						31
Reductions for tax positions of prior years			(35)						(23)						(47)
Settlements with taxing authorities			(35)						(6)						(7)
Statute closings and audit resolutions			(127)						(446)						(334)
Ending balance, September 30			$	2,053					$	2,158					$	2,485

Summary of Income Tax Contingencies

The following table summarizes tax effected unrecognized tax benefits that, if recognized, would impact the effective tax rate and the related accrued interest, net of tax benefit (in millions):

			September 30,
			2024						2023						2022
Tax effected unrecognized tax benefits that, if recognized, would affect the effective tax rate			$	1,466					$	1,533					$	1,935
Net accrued interest			398						329						281

Tax Jurisdictions and Years Currently under Audit Exam

In the U.S., fiscal years 2019 through 2020 are currently under audit and fiscal years 2017 through 2018 are currently under appeal with the Internal Revenue Service (“IRS”) for certain legal entities. In addition, fiscal years 2016 through 2019 are also under exam by the IRS in relation to a separate consolidated filing group. Additionally, the Company is currently under exam in the following major non-U.S. jurisdictions for continuing operations:

Tax Jurisdiction						Tax Years Covered
Belgium						2016 - 2017; 2019-2020
Germany						2007 - 2021
Mexico						2016 - 2019
United Kingdom						2014 - 2015; 2018; 2020 - 2021

Components of Provision for Income Taxes on Continuing Operations

Selected income tax data related to continuing operations were as follows (in millions):

			2024						2023						2022
Components of income (loss) from continuing operations before income taxes:
U.S.			$	(406)					$	(325)					$	(27)
Non-U.S.			1,928						1,438						1,139
Income from continuing operations before income taxes			$	1,522					$	1,113					$	1,112
Components of the provision (benefit) for income taxes:
Current
U.S. federal			$	330					$	(201)					$	(237)
U.S. state			86						94						47
Non-U.S.			102						289						199
			518						182						9
Deferred
U.S. federal			(299)						(267)						(173)
U.S. state			(26)						(25)						(70)
Non-U.S.			(82)						(358)						52
			(407)						(650)						(191)
Income tax provision (benefit)			$	111					$	(468)					$	(182)
Income taxes paid			$	704					$	294					$	439

Deferred Taxes Classified in Consolidated Statements of Financial Position

Deferred taxes were classified in the consolidated statements of financial position as follows (in millions):

			September 30,
			2024						2023
Other noncurrent assets			$	1,969					$	1,480
Other noncurrent liabilities			(301)						(316)
Net deferred tax asset			$	1,668					$	1,164

Temporary Differences and Carryforwards in Deferred Tax Assets and Liabilities

Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities included (in millions):

 

			September 30,
			2024						2023
Deferred tax assets
Accrued expenses and reserves			$	661					$	469
Employee and retiree benefits			43						88
Property, plant and equipment			729						638
Net operating loss and other credit carryforwards			6,628						6,667
Research and development			219						171
Intangible assets			306						—
Operating lease liabilities			294						341
Other, net			455						269
			9,335						8,643
Valuation allowances			(6,258)						(6,279)
			3,077						2,364
Deferred tax liabilities
Subsidiaries, joint ventures and partnerships			440						359
Intangible assets			—						248
Operating lease right-of-use assets			294						341
Other liabilities			675						252
			1,409						1,200
Net deferred tax asset			$	1,668					$	1,164

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